Can you afford to move? | @AdviceIQ

800px-Moving_MessDo you want to, or plan to, move to a more expensive place? One of the mistakes I’ve seen is not looking at all the expenses of the new place AND seeing if your budget can handle them. There’s more to “seeing if your budget can handle” the new place than just running the numbers. You can actually PRACTICE the budget effect without moving first. How?

Calculate the differences and then SAVE those differences for a month or more. This does TWO THINGS: 1) proves whether you’re calculations and wishes are actually true, and 2) gives you the amount you’ve saved as a deposit for rent/security or down payment, etc for the new place. Of course, buying may require more than a month or two of preparation before the move to have saved enough. However, the principle is the same … prove to yourself the move is workable AND save for it at the same time.

This syndicated article through AdviceIQ describes the steps in more detail with links to resources to help.

 

Article posted at AdviceIQ.

Original blog … The 7 Top Home-Buying Mistakes You Should Avoid … that inspired my syndicated article.

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Photo Source: By Steve Ryan from Groveland, CA, USA (Moving Mess – Day 4) [CC-BY-SA-2.0], via Wikimedia Commons

About Larry Frank, Sr.

Larry R Frank Sr., MBA, CFP®, is an experienced financial advisor and a published author on Retirement Planning Research. Have a financial question? Click Here to Ask Larry

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